Spendflo raises seed funding of $4.4 million from Accel and Together

CHENNAI:

Spendflo

, a platform for CFOs and finance leaders to procure, manage and save on their SaaS expenses, has raised $4.4 million in a seed funding round by Accel India and Together Fund.


The funding round also saw participation from investors such as BoldCap and Signal Peak Ventures along with founders and executives from companies like Airbase,

Zuora

, Ivanti, CleverTap, Slintel, LamdaTest, Haptik, Wingify, and more.

The Chennai and San Francisco-based company intends to use the funds to double down on GTM (Go-To-Market) and engineering efforts. It also plans to hire thoughtfully, continue its growth momentum and accelerate efforts to make SaaS buying effortless.

Founded in 2021 by Siddharth Sridharan, Ajay Vardhan and Rajiv Ramanan, Spendflo helps companies centralize their SaaS contracts, gain visibility in spending, monitor usage, and provides assisted purchasing. Spendflo said it has already managed "millions" in SaaS spends in the last six months and saved 23% for its customers on average. The startup has customers worldwide, including fast-growing companies like Airmeet, Crownpeak, LambdaTest, Urban Company, Wingify and Yellow.ai.

The founding team comes with extensive SaaS experience- CEO Sridharan was an early employee at Volta Charging. Ramanan, CRO at Spendflo worked earlier at

Freshworks

, and Vardhan, who leads Spendflo's engineering team, earlier led engineering efforts at Tone.

"Pay-by-use SaaS tools have been a boon for companies worldwide. They're all rapidly shifting towards vendors that offer these tools. However, this mass exodus to SaaS has created a new challenge. Instead of centralized procurement workflows, we now have each business function buying what they need. They overspend through unoptimized pricing plans, under-utilized tiers and unused licences. Spendflo is committed to bringing back spending efficiency without compromising business velocity," Dinesh Katiyar, Partner at Accel India, said.

"With the adoption of SaaS tools increasing rapidly across sectors, managing SaaS contracts is also becoming a major challenge for fast-growing companies. The team at Spendflo will simplify managing SaaS procurements (buying and renewing) and help save companies on their SaaS expenses," Manav Garg, MD, Together Fund, said.


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